TAXES.CA - The Canadian Tax and RRSP Homepage TAXES.CA - Your source for tax information in Canada
Canadian Tax BlogDirectory of Canadian Tax ProfessionalsCanada Tax and RRSP Information
Canadian Tax and RRSP Blog

February 16, 2005

BC Budget 2005

On February 15, 2005, the Government of British Columbia announced a number of changes to the taxation statutes administered by the BC Ministry of Provincial Revenue.

Summaries of the changes to legislation are outlined in the Budget Bulletin 2005, Changes to Legislation Administered by the Ministry of Provincial Revenue.

Among the changes in Consumer Taxes include:

- the tax refund program for alternative fuel vehicles is replaced with a point of sale tax reduction,
- the amount of sales tax relief is enhanced, and
- changes are made to the definition of a hybrid electric vehicle.

Important changes to Income Tax for individuals and companies include:

- The BC Tax Reduction reduces taxes payable by up to $360 for individuals with a net income of $16,000 or less. Individuals with a net income between $16,000 and $26,000 are eligible for a reduced credit. The credit is decreased by 3.6% of net income above $16,000

- The British Columbia “business limit” to which the low rate of corporate income tax may be applied is increased to $400,000 from $300,000, effective January 1, 2005.

For other changes to the Social Service Tax (PST), Hotel Room Tax, Motor Fuel Tax, Tobacco Tax, Income and Corporate Taxes, Corporation Capital Tax, International Financial Activity Act, Insurance Premium Tax, Property and Property Transfer Taxes, Home Owner Grant, School Tax, Rural Area Property Tax, and Miscellaneous information, view the bulletin at:
http://www.rev.gov.bc.ca/budget/budgetbulletin.pdf

For further information see also:
http://www.rev.gov.bc.ca/budget/budget.htm

Posted by Taxes.ca Editorial Team [permalink]

TAXES.CA provides taxation and personal finance information. The view and opinions expressed by authors in our postings are not necessarily those of TAXES.CA. Information on this site should not be construed as investment advice. For taxation and financial planning advice users are advised to consult a professional. For additional information visit TAXES.CA's Terms of Service.



Copyright 2005-19 TAXES.CA  |  IMPOTS.CA | About Us  |  File Your Taxes  |  Privacy Policy  |  Terms of Use  |  Contact Us